Home » South African businessman Adrian Gore gains $51.7 million in 10 days

South African businessman Adrian Gore gains $51.7 million in 10 days

by Feyisayo Ajayi
Adrian Gore

South African businessman Adrian Gore’s stake in Discovery Group has risen in value significantly over the past 10 days thanks to a sharp rebound in the shares of leading financial services groups on the Johannesburg Stock Exchange, as investors double down on shares trading at attractive discounts.

According to data tracked by Billionaires.Africa, Gore, who is the CEO of Discovery Group and owns 7.48 percent of the company, has seen the market value of his stake rise by R918.4 billion ($51.7 million) in the past 10 days.

Headquartered in Sandton and founded in 1992 as a medical insurer by Gore and Barry Swartzberg, Discovery is one of South Africa’s largest and most diverse global financial services firms, specializing in long- and short-term insurance, asset management, savings, investment, and employee benefits.

The recent $51-million increase in the market value of Gore’s shareholding followed a $215-million drop in the value of his stake between April and October, as investors sold off shares in the group amid fears of a recession as global macroeconomic and geopolitical volatility drove up energy, food, and general inflation.

Discovery shares on the Johannesburg Stock Exchange have risen from R104.93 ($5.91) on Oct. 31 to R123.64 on Nov. 10, representing a 17.8-percent gain for shareholders, including its founders, Gore and Swartzberg, who own significant stakes in the company.

As a result of the recent price surge, the market value of Gore’s 7.48-percent stake in Discovery has increased by R918.4 billion ($51.7 million), from R5.15 billion ($289.91 million) 10 days ago to R6.07 billion ($341.61 million) at the time of writing this report.

The recent surge in the group’s share price, fueled by investor buying pressure, can be attributed to the group’s strong financial performance at the end of its fiscal period in 2022.

Discovery’s profit at the end of its 2022 fiscal year, which ended on June 30, rose by 70.1 percent from R3.22 billion ($184.8 million) the previous year to R5.48 billion ($314.6 million), according to figures contained in its recently published financial reports.

As a result of its strong financial performance, its total assets increased significantly from R246.7 billion ($14.24 billion) to R271.2 billion ($15.66 billion), while retained earnings increased from R33.55 billion ($2.05 billion) to R38.97 billion ($2.25 billion).

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